A new sales committee has been appointed to kick-start the en bloc sale process of Laguna Park condo, as residents there want to give the collective sale of their estate a second try.
This was after their previous attempt to sell the 33-year-old former HUDC estate in October 2009 failed.
During the extraordinary general meeting (EOGM), the residents discussed on establishing a new sales committee, and raised concerns on how the proposed changes in the Land Titles (Strata) Act will affect them.
The new sales team comprises eight new members and two members from the previous sales committee, which includes former chairman Ambrose Miranda.
One resident, who only wanted to be known as Ms. Lee, is confident about the new sales committee and believes that the sale can be concluded in three to six months.
To ensure that residents are not caught up by the proposed introduction of the two-year restriction period on properties in place of a failed collective sale, a quick turnaround time is needed, she added.
“I believe they have learnt from past experience and they would probably do better this time,” she said.
“If the market continues to work in their favour, I think given the experience of the sales committee and a healthy property market, things will work out,” said Miss Lee, who has resided at Laguna Park for 15 years.
The members of the sales committee also revealed during the meeting the extent of their ownership in Laguna Park, as well as any relationship they have with parties such as lawyers or property consultants.
This is to ensure that full disclosures are made so that no potential conflict of interest will arise when they perform their duties as a member of the sales committee.
This move also came after a resident suggested adhering to the proposed changes of the Land Titles (Strata) Act, which will also necessitate each sales committee member to unveil the extent of his or his kin’s ownership in the development.
A resident, who was part of the previous sales team, welcomed the new sales committee but reckoned that securing the 80-percent vote to sell is more important.
“I will be more confident if they can get 80 percent vote in six months instead of one year. Then they will stand a better chance,” said the resident, who refused to be named.
“With the present market sentiment, they do not have the luxury of one year,” she said, referring to the one-year limit given to the sales committee to obtain the minimum 80-percent vote. “But by agreeing on the previous reserve price of $1.2 billion, the 80-percent vote is a realistic goal.”
Aside from making a huge profit from the sale, other long-time residents spoke candidly about Laguna Park’s deteriorating state and believed that a collective sale will revive the premises.
According to Mr. Miranda, who chaired the EOGM, the new sales committee will now look into selecting a lawyer and new marketing agent to help carry out the sales process.
If the former marketing agent, Credo Real Estate, is to be picked once again, their engagement will be based on "new and different terms and conditions,” he added.